RiT Technologies Announces Agreement for Private Placement of Ordinary Shares Company to Receive Gross Proceeds of $7.1M



    TEL AVIV, Israel, June 21 /PRNewswire-FirstCall/ -- RiT Technologies
 (Nasdaq:   RITT), the pioneer of intelligent physical layer solutions, today
 announced that it has signed a definitive agreement for the private placement
 of the Company's ordinary shares with institutional and private investors.
 The closing of the transaction is subject to certain conditions, including
 shareholder approval and the approval of the Office of the Chief Scientist of
 the Ministry of Industry and Trade of the State of Israel.
    Under the terms of the agreement, the Company will issue 5,081,986 of its
 ordinary shares at an aggregate purchase price of $7.1 million or $1.40 per
 ordinary share. The company will also issue to the investors warrants to
 purchase up to 1,270,496 ordinary shares at an exercise price of $1.75 per
 share. The warrants are exercisable for five years from the date of the
 closing. The proceeds of the private placement will be used for general
 corporate purposes.  The securities offered in the private placement will not
 be registered under the Securities Act of 1933, as amended (the "Act"), and
 may not be offered or sold in the United States absent registration, or an
 applicable exemption from registration, under the Act. The Company has agreed
 to file a registration statement with the U.S. Securities and Exchange
 Commission covering the resale of the ordinary shares to be issued at the
 closing and the ordinary shares issuable pursuant to the warrants, subject to
 certain terms and conditions.
 
     About RiT Technologies
     RiT Technologies pioneered the development of intelligent physical layer
 solutions, designed to provide superior control, utilization and maintenance
 of networks. RiT's innovative solutions help customers capitalize on network
 investments and reduce cost of ownership.
     RiT's Enterprise Solutions include PatchView(TM) for full web-based
 management, planning and troubleshooting of network physical layer
 connectivity, and SMART Cabling(TM) System components for single-source, end-
 to-end structured cabling solutions.
     PairView(TM) and PairQ(TM) Carrier Solutions help telcos capitalize on
 outside plant investments by giving them reliable, mass-verified and qualified
 infrastructure and connectivity databases.
     With a global sales network spanning 60 countries, RiT's key customers
 include major financial institutions, corporations and global
 telecommunications companies such as: Deutsche Telekom, Alcatel, TELMEX,
 TELENOR, The New York Mercantile Exchange (NYMEX), ING Barings, INVESCO,
 DIAGEO, Daewoo, and Reuters.
     RiT is a member of the RAD group, a world leader in communications
 solutions.
     For more information, please visit our website: http://www.rittech.com
 
     Safe Harbor statement under the Private Securities Litigation Reform Act
 of 1995: This release contains forward looking statements that are subject to
 risks and uncertainties, including, but not limited to, the impact of
 competitive products and pricing, product demand and market acceptance, new
 product development, reliance on key strategic alliances, availability of raw
 materials, the regulatory environment, fluctuations in operating results and
 other risks detailed from time to time in the Company's filings with the
 Securities Exchange Commission.
     This press release is available at http://www.rittech.com/ and
 http://www.portfoliopr.com/
 
      COMPANY         Simona Green
      CONTACT:        VP Finance
                      +972-3-766-4249
                      simonag@rit.co.il
 
      PORTFOLIO PR    Paul Holm / Jerry Cahn
      CONTACT:        212-736-9224
                      pholm@portfoliopr.com  / jcahn@portfoliopr.com
 
 

SOURCE RiT Technologies

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